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Fly News Breaks for September 10, 2018
VIAB, VIA, CBS
Sep 10, 2018 | 11:19 EDT
Barrington analyst James Goss notes that the settlement between CBS (CBS) and National Amusements puts off the potential for a forced combination with Viacom (VIAB), which he feels has been an overhang on the stock for much of the past few years. Further, the departure of CEO Leslie Moonves ends an "extended period of turmoil that seemed headed toward this inevitable conclusion," Goss tells investors in a research note. The analyst reiterates an Outperform rating on CBS with a $73 price target. Goss finds it "quite possible" that CBS would be a more attractive takeover target for technology companies "that might like the business, but do not possess relevant management skills given the presence of a solid operating and financial executive like Joe Ianniello but the absence of an iconic presence like Les Moonves." He notes, however, that the terms requiring National Amusements having 30% voting power in the surviving entity "would need to be revised."
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